The Australian Government first announced that it will introduce a patent box for eligible income associated with new patents in the medical and biotechnology sectors in the May 2021 federal budget. The legislation to enact this was introduced to the lower house in February, but with very few Senate sitting days left before the federal election it may not be passed in time. The Tax Concession for Australian Medical Innovations Bill 2022 introduces a patent box scheme that would see […]
The Senate Economics Committee has this week released its report of inquiry into the Australian manufacturing industry. The terms of reference of the inquiry included review of the role that government can play in assisting domestic manufacturing industry, with regard to research and development and other factors. Notable statistics from the report include: Australian investment in R&D has declined over the last 20 years and is well below the OECD average. Relative to Australia’s GDP, R&D expenditure is around 1.8 […]
A federal election is due to occur by May 2022. Thankfully, after years of instability and uncertainty, it is not expected that the R&D Tax Incentive will be impacted by the upcoming election campaign (in the short term at least). This is the case, since recent legislative amendments to the R&D Tax Incentive have only recently commenced after the October 2020 bi-partisan enactment, and it would be unlikely for further change to happen so soon. Both major political parties have […]
AusIndustry have announced that over the coming quarter, they are conducting a series of events linked to R&D Tax Incentive (R&DTI) Programme developments and guidance documents. The sessions include: Guide to the R&D Tax Incentive; R&DTI Guide to Interpretation (covering the content in the recently re-released version); Guide to accessing the R&DTI customer portal (covering processes for setting up the new portal which leverages the Government’s MyGovID infrastructure). Information for registration to attend the sessions is available on the AusIndustry […]